Mogu Inc.’s board approved on September 11, 2025, an allocation of up to $20 million to acquire Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The news boosted the company’s stock price and attracted interest from both retail and institutional investors. The move is part of the treasury diversification strategy and the preparation of operational capabilities for AI-based products.
Context and Impact
Mogu, a Chinese fashion and lifestyle platform, announced the approval of the fund dedicated to digital assets via an official statement. The company explained that the decision aligns with its treasury diversification strategy and the need to develop infrastructure for potential AI products.
The stock price experienced a sharp intraday rise following the announcement, with reports indicating gains of around 155% in a single session, while other sources reported increases of up to 190%. These discrepancies reflect differences in market timing and information sources.
The board granted Chairman Chen Qi the authority to determine the timing and size of purchases. The authorization includes the possibility of acquiring securities and investment products related to the target cryptocurrencies, providing operational flexibility but also increasing market and liquidity risks.
Risks and Financial Framework
The move follows the trend of corporate treasuries exploring crypto assets, with precedents such as MicroStrategy. However, adopting cryptocurrencies involves high price volatility and a regulatory environment with elements of ambiguity.
Concerns regarding Mogu’s financial health —declining revenues and ongoing losses— amplify the significance of the risk. In this context, liquidity management and accounting for these assets will be crucial for regulatory compliance and reporting.
Implications for Mogu, Treasury, and Products
The transaction affects corporate adoption of crypto assets, treasury management, and AI product design. For investors and product teams, the purchase provides diversification opportunities, but requires strengthening custody, valuation, and compliance controls.
The target assets are Bitcoin, Ethereum, and Solana, with an approved allocation of up to $20 million. Execution authority rests with Chen Qi, who is empowered to set both the timing and amount of the acquisitions.
Conclusion
The board approval on September 11, 2025, marks a milestone for Mogu. Now, the operational execution determined by Chen Qi will define the actual impact on the treasury and the company’s market valuation.
